Dana Claflin - ERA Key Realty Services



Posted by Dana Claflin on 10/22/2020

Photo by Mostafa Safadel on Unsplash

The penthouse is the pinnacle of real estate in many markets -- and places like New York and Miami -- have plenty of options to choose from. It's easy to get caught up in great decor or fall in love with a view, but there are other considerations as well. Here's what to think about when you shop for a luxury penthouse unit. 

Expect to Pay  a Premium: Most penthouses are priced above similar sized units in the same building, so be prepared to spend a little more for that amazing view and those amenities. A single penthouse spanning the top floor will command more of a premium rate than one that shares the floor with one or more other units. 

You Can Still Negotiate: While a penthouse will command a higher price than any other unit in a specific building or location, you can and should negotiate the best deal. In cities with a glut of inventory in this price range, you may be able to secure a better price, simply by presenting the right offer. Your real estate agent can help you determine how flexible a price is and what fair market value is for a home you are considering. 

Inventory Impacts Price: In high-rise dense cities like New York, there are always penthouse properties available. Outside of cities, though, you may have fewer options  In vacation and resort areas with coveted views, there are only a small number of penthouse properties to begin with, and they are not all on the market at the same time. Act swiftly if a property you truly want becomes available to avoid missing out. 

Visit at All Hours: If you will live in the penthouse property, you should visit it during the day, at night and on weekends. Because this property is near the roof, it may also be near HVAC and elevator equipment -- these can get noisy when in heavy use. Newer penthouses have insulation and soundproofing, but older ones may not, so the home could be noisier than you expect when everyone else in the building is home. 

Is the view guaranteed? A building that faces the ocean and is directly on the beach will have a view that is not interrupted by future construction, but not all penthouses fit this description. You should be aware of zoning and building possibilities -- could a taller building be placed in front of yours -- disrupting your view? Your agent can help you discover if this nightmare scenario is a risk factor in any home you are considering. 

Buying a penthouse is different from other luxury property purchases, because the view and position of the home offer so much and contribute to the price. Be aware of the setup of the building and its location -- and be ready to move if a penthouse becomes available in a market with scant inventory. Your real estate agent can watch for new listings and help you be first in line to view new luxury properties as they arrive in the marketplace and ensure you don't miss out on the home of your dreams. 




Categories: Buying   Properties  


Posted by Dana Claflin on 10/1/2020

An open house enables a buyer to check out a residence in-person and determine if this home matches or exceeds his or her expectations. However, a buyer who fails to plan ahead for an open house may struggle to make the most of this opportunity.

Ultimately, there are several things you need to consider before you attend an open house, such as:

1. Your Home Must-Haves

Make a list of must-have home features you will be glad you did. With this list in hand, you can check out a house in-person and determine if it has the features you require.

You also may want to put together a list of preferred cities and towns prior to launching a house search. This list will allow you to hone your home search and your search for open house events to a small group of cities and towns.

2. Your Homebuying Budget

As a homebuyer, it is crucial to optimize your time and resources as you search for your dream residence. If you enter the housing market with a budget at your disposal, you can avoid the risk of attending an open house for a residence you may be unable to afford.

To establish a homebuying budget, you should review your current finances. You may want to meet with banks and credit unions as well. And if you get pre-approved for a mortgage, you will know exactly how much you can spend on a residence when you start your house search.

3. Your Homebuying Timeline

There is no guarantee that attending one open house will help you find your dream residence. But if you maintain flexibility, you can attend a variety of open house events and boost the likelihood of discovering a residence that falls in line with your expectations.

Furthermore, you should be ready to act quickly if you attend an open house and want to buy a residence following the event. In this scenario, you should be prepared to work diligently to put together a competitive offer to purchase the home.

As you get set to attend an open house, you may want to employ a real estate agent, too. A real estate agent can keep you up to date about open house events in cities and towns where you want to reside. Plus, a real estate agent can attend an open house with you and provide plenty of homebuying tips and insights.

Let's not forget about the support a real estate agent provides once you find a house you want to purchase, either. At this point, a real estate agent will help you put together a competitive homebuying proposal. And if your offer to purchase is accepted, a real estate agent will help you finalize your house purchase.

Consider the aforementioned factors closely before you attend an open house. By doing so, you can prepare for an open house and use the opportunity to determine if a residence is right for you.





Posted by Dana Claflin on 8/20/2020

The homebuying process may prove to be challenging, particularly for individuals who fail to anticipate potential problems. Lucky for you, we're here to help you identify and address homebuying hurdles before they escalate.

Now, let's take a look at three tips to ensure you can seamlessly anticipate and overcome homebuying hurdles.

1. Learn About the Housing Market

The real estate market can be complex. Fortunately, an informed homebuyer should have no trouble resolving potential problems early in the property buying journey.

Examine a wide range of housing market data you'll be glad you did. Look at the prices of recently sold houses as well as the prices of available residences in your preferred cities and towns. With this housing market information, you'll be better equipped than ever before to differentiate a buyer's market from a seller's one and plan your homebuying journey accordingly.

2. Get Home Financing

If you intend to pursue a house, you likely will need a mortgage. Thankfully, banks and credit unions are available to help you obtain a mortgage in no time at all.

Ultimately, it helps to get pre-approved for a mortgage. If you enter the housing market with a mortgage in hand, you can narrow your house search to properties that fall within your price range. And as a result, you could speed up the process of finding and buying your dream house.

When you meet with lenders, don't hesitate to ask lots of questions, either. If you allocate time and resources to learn about all of your home financing options, you can determine exactly which option is right for you.

3. Employ a Real Estate Agent

There is no need to pursue a house on your own, regardless of whether you're an experienced or first-time property buyer. But if you employ a real estate agent, you can work with a homebuying expert who can help you make your homeownership dream come true.

A real estate agent understands what it takes to find a great house at an affordable price. He or she can teach you about the housing market and help you make informed decisions at each stage of the property buying journey. Perhaps best of all, a real estate agent can prepare you for potential homebuying hurdles and ensure you can quickly address these issues.

Let's not forget about the assistance that a real estate agent provides as the homebuying journey progresses as well. A real estate agent will set up home showings, help you weigh the pros and cons of different houses and ensure you can submit an offer to purchase your dream residence. And as you approach the date of your home closing, a real estate agent will offer tips and recommendations to ensure you can finalize your house purchase without delay.

Want to avoid homebuying hurdles? You're not alone. But with the aforementioned tips, you can identify and overcome various homebuying hurdles and effortlessly navigate the property buying journey.




Categories: Buying a Home   buying tips  


Posted by Dana Claflin on 7/2/2020

As a homebuyer, entering the real estate market with insights into what it takes to find the perfect house is essential.

Becoming an expert homebuyer, however, may seem impossible at times. Lucky for you, we're here to help you gain the knowledge and skills you need to make your homeownership dreams come true.

What does it take to become an expert homebuyer? Here are three tips to help you do just that.

1. Look at Real Estate Market Trends

The housing market ebbs and flows. Therefore, a seller's market today may transform into a buyer's market tomorrow.

Ultimately, the real estate market fluctuates constantly, and you'll want to learn as much as possible about the housing sector to ensure you can map out your homebuying journey accordingly.

In a buyer's market, there are usually more home sellers than buyers. This means homebuyers may be better equipped than ever before to secure a top-notch house at a budget-friendly price.

On the other hand, a seller's market features an abundance of homebuyers and a shortage of sellers. For homebuyers who operate in a seller's market, they may be forced to submit competitive offers on homes quickly, or risk missing out on a dream residence to a rival.

When you study the housing market, don't forget to check out the prices of residences that recently sold. By doing so, you can gain a better understanding of how much you'll likely need to pay to acquire a first-rate house based on the current state of the housing market.

2. Learn How a Mortgage Works

What differentiates a fixed-rate mortgage from an adjustable-rate option? An expert homebuyer will know the ins and outs of assorted mortgage options and select one that corresponds to his or her finances.

To learn about mortgages and how they work, you'll want to meet with credit unions and banks. These lenders can describe the different types of mortgages and the pros and cons associated with them.

Also, an expert homebuyer will get pre-approved for a mortgage. With a mortgage in hand, this homebuyer will be able to stick to a price range as he or she searches for the ideal home.

3. Collaborate with a Real Estate Agent

Let's face it no homebuyer can afford to make mistakes. Fortunately, you can work with a real estate agent to receive expert guidance as you navigate the homebuying journey.

A real estate agent boasts the skills and know-how needed to streamline the homebuying process. He or she may have many years of housing market experience and is happy to teach you about the opportunities and challenges associated with buying a house.

Furthermore, a real estate agent will help you accelerate the homebuying cycle. He or she can set up home showings, negotiate with home sellers on your behalf and much more. That way, you can focus on what's important finding a terrific house at an affordable price.

Take advantage of the aforementioned tips, and you can become an expert homebuyer.




Categories: Buying a Home   buying tips  


Posted by Dana Claflin on 6/4/2020

As a homebuyer, it is important to set high expectations. At the same time, a homebuyer must act reasonably, or he or she risks missing out on a golden opportunity to acquire the perfect residence.

Ultimately, becoming a reasonable homebuyer can be quick and easy here are three tips to help you do just that.

1. Establish Realistic Expectations for the Homebuying Journey

The homebuying journey sometimes can take weeks or months to complete, and a homebuyer should plan accordingly. By doing so, a homebuyer can prepare for any potential homebuying pitfalls.

For example, a homebuyer may submit an offer on a home and receive a "Yes" from a home seller. But if a home inspector discovers myriad problems with a residence, a homebuyer may need to walk away from the house and restart the homebuying journey.

In the aforementioned scenario, a homebuyer may become frustrated and annoyed, and for good reason. Conversely, if a homebuyer understands the challenges associated with buying a house, he or she can plan for the best- and worst-case scenarios.

2. Search for Homes That Fall Within Your Price Range

Have you established a budget for your home search? If not, you may wind up focusing on houses that you won't be able to afford.

Get pre-approved for a home loan you'll be glad you did. With a home loan in hand, you can enter the real estate market with a homebuying budget. Then, you'll be able to narrow your home search to houses that fall within your price range, thereby speeding up your search for the ideal residence.

It won't take long to get pre-approved for a home loan, either. In fact, if you meet with local banks and credit unions, you can instantly learn about a variety of home loan options.

3. Collaborate with a Real Estate Agent

Although you know that you want to buy a house, you have no idea what to expect during the homebuying journey. Fortunately, if you hire a real estate agent, you can learn what it takes to stay calm, cool and collected as you search for a house.

A real estate agent is a housing market expert who takes pride in his or her work. As such, a real estate agent will be available to respond to your homebuying concerns and questions, ensuring that you can make an informed home purchase.

Perhaps best of all, a real estate agent will go above and beyond the call of duty to eliminate homebuying hurdles.

For instance, a real estate agent is happy to negotiate with a seller's agent on your behalf, guaranteeing that you can avoid the stress of negotiating a home price. Or, if you need help finding a qualified home inspector, real estate attorney or other local professionals, your real estate agent can provide honest, unbiased recommendations.

Be reasonable as you kick off your search for your dream residence. That way, you can seamlessly navigate the homebuying journey and improve your chances of acquiring a house that matches or exceeds your expectations.




Categories: Buying a Home   buying tips  




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